Market/business knowledge

Market / Business Knowledge​

Know your market – study the market, understand the market highs and lows and what drives the wider market. Understanding this allows the business to perform more effectively by expanding in the good times and reducing operations in the lean times.

Know your business – your business and your market will constantly be changing. Understanding the business will allow effective changes to be made quickly, which will improve the resilience of the business by limiting risk and exposure, and ultimately loss in tough operating conditions.

Know your finances – plan, budget and cash flow forecast constantly. Continually updating these key areas will give a good early warning system of potential problems which may be looming on the horizon.

This website provides a useful guide for running YFC Business Development Competitions as well as offering plenty of advice and information on setting up and running a successful business. You will also find lots of links to other resources that may help you. Click here to find out more.

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Disclaimer: Whilst every care in taken whilst compiling this information, neither the publisher nor Savills (UK) Ltd assumes responsibility for effects arising from this website. The information and opinions contained on this website do not constitute as professional advice and should not be relied upon. Specific advice relating to your individual circumstances should be obtained.